Homework Answers
Calculation of estimated uncollectible bad debt
| Past-Due Category | Accounts Receivable total | Percentage Uncollectible | Total |
| 0-30 days | $91,550 | 8% | $7,324 (91,550 x 8%) |
| 31-90 days | $34,230 | 16% | $5,476.80 (34,230 x 16%) |
| Over 90 days | $23,170 | 37% | $8,572.90 (23,170 x 37%) |
| Total estimated uncollectible bad debt | $21,373.70 |
Journal Entry
| Dec 31 | Bad Debt Expense | $21,373.70 | |
| Allowance for Doubtful Accounts | $21,373.70 |
Calculation of total balance of property, plant and equipment
| Equipment | $58,000 |
| Building | $110,000 |
| Total balance of property, plant and equipment | $168,000 |
Note- Property, plant and equipment are tangible assets that are expected to be used during more than one period.
Since cash, accounts receivable and and inventory are current assets, they are not included in property, plant and equipment.
Since copyright and patent are intangible assets, they are not included in property, plant and equipment.
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The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Category Receivable Total 0-30 days...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Marshall's partial aging schedule at the end of July: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $710,000 335,000 104,000 80,000 $1,229,000 Estimated Percentage Uncollectible 2% 6% 11% 22% The unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,990. ✓ Your...
Aging Method Information Current 0 - 30 Days Past Due 31 - 60 Days Past Due...
Aging Method Information Current 0 - 30 Days Past Due 31 - 60 Days Past Due 61 - 90 Days Past Due > 90 Days Past Due Total Amount Past experience ratio Past experience ratio for % of sales method Facts: Accounts receivable balance (beg) Sales on account Collections on account Write-offs of accounts receivable Accounts receivable balance (end) Percentage of Sales Method Allowance for uncollectible accounts (beg) Write-offs of accounts receivable Uncollectible accounts expense Allowance for Uncollectible accounts...
Presented below is information related to the Accounts Receivable accounts of Monty Inc. during the current year 2017....
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martine...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Total $585,000 $3...
Daley Company prepared the following aging of receivables analysis at December 31.Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$585,000$399,000$93,000$39,000$21,000$33,000Percent uncollectible 1%2%5%7% 10%a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,900 credit. c. Prepare the adjusting entry to record bad debts...
Timber Company has given you the following information from its aging of accounts receivable. Using this...
Timber Company has given you the following information from its aging of accounts receivable. Using this information, determine the ending balance of the allowance for doubtful accounts and prepare the journal entry to record bad debt expense. Current amount in the allowance for doubtful accounts is a $958 credit. Current 31-60 days 61-90 days 91 and up $24,400 7,350 3,380 1,220 2% uncollectible 8% uncollectible 15% uncollectible 30% uncollectible
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid ays Unpaidlotal Total Accounts Receivable Historical % Uncollectible $128,300 $91,000 $55,400 33,600 4% 11% 17% 34% t due t due Over 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29 487 on July 31, 2016. Prepare the required adjusting entry...
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for...
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, accounts receivable were $594,000 and the allowance account had...
O thon Help Al December 31, 2018, the Accounts Receivable balance of Questor Application Inc is $195,000. The Al...
O thon Help Al December 31, 2018, the Accounts Receivable balance of Questor Application Inc is $195,000. The Allowance for Bad Dobis accounts aging schedule for its accounts receivable: 1. (Click the icon to view the aging schedule.) Read the requirements 511610 de los Oestor plication Inc prepares the following nce for Bad Debts account has a $11,610 debit balance. Questor Application Inc prepares the following aging sch now the T-account for the Allowance for Bad Debts at December 31,...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Marshall's partial aging schedule at the end of July: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $710,000 335,000 104,000 80,000 $1,229,000 Estimated Percentage Uncollectible 2% 6% 11% 22% The unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,990. ✓ Your...
Presented below is information related to the Accounts
Receivable accounts of Monty Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,200
1%
60–90 days
135,900
4%
91–120 days
39,200
*
5%
Over 120 days
22,900
$3,400 definitely
uncollectible;
estimated remainder uncollectible is 27%
$368,200
*The $3,000 write-off of receivables is related...
Problem 7-5 Presented below is information related to the Accounts Receivable accounts of Martinez Inc. during the current year 2017 1. An aging schedule of the accounts receivable as of December 31, 2017, is as follows. %to Be Applied after Correction Is Made Age Net Debit Balance Under 60 days 60-90 days 91-120 days $171,300 136,500 39,300 19% 3% 6% $3,800 definitely uncollectible; estimated remainder uncollectible is 25% Over 120 days 22,300 $369,400 The $3,000 write-off of receivables is related...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
Daley Company prepared the following aging of receivables analysis at December 31.Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$585,000$399,000$93,000$39,000$21,000$33,000Percent uncollectible 1%2%5%7% 10%a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,900 credit. c. Prepare the adjusting entry to record bad debts...
Timber Company has given you the following information from its aging of accounts receivable. Using this information, determine the ending balance of the allowance for doubtful accounts and prepare the journal entry to record bad debt expense. Current amount in the allowance for doubtful accounts is a $958 credit. Current 31-60 days 61-90 days 91 and up $24,400 7,350 3,380 1,220 2% uncollectible 8% uncollectible 15% uncollectible 30% uncollectible
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid ays Unpaidlotal Total Accounts Receivable Historical % Uncollectible $128,300 $91,000 $55,400 33,600 4% 11% 17% 34% t due t due Over 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29 487 on July 31, 2016. Prepare the required adjusting entry...
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, accounts receivable were $594,000 and the allowance account had...
O thon Help Al December 31, 2018, the Accounts Receivable balance of Questor Application Inc is $195,000. The Allowance for Bad Dobis accounts aging schedule for its accounts receivable: 1. (Click the icon to view the aging schedule.) Read the requirements 511610 de los Oestor plication Inc prepares the following nce for Bad Debts account has a $11,610 debit balance. Questor Application Inc prepares the following aging sch now the T-account for the Allowance for Bad Debts at December 31,...
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